Cryptocurrency News, Cryptocurrency Price Analysis, Terra (LUNA)

Luna Token Drops To Zero As Users Burn Luna Token

Luna Token Rises Again

Luna token which has seen a shocking and unreal drop in its value was briefly revived. The token was boosted when the coin’s founder brought up an address that allows Luna users to burn their token. The price of the token went up by over 100%. 

However, the founder Do Kwon came out to say that he did not support the burning of the coin. He mentioned that he only let out the address because people kept asking. His tweet on the 23rd of May clarified things as users rushed to send their tokens to the site.

He also mentioned that he doesn’t think people should send their tokens to the address. He said sending their tokens to the address means they are going to lose their tokens. He also said that as long as users are aware of what the address does, they are free to keep sending their tokens.

He mentioned that for now, he doesn’t know why anyone would want to burn off their coin, all he aimed to do was provide information. 

Even though the founder does not believe that burning the coin is going to be of any good, Luna community members are still going to the address to burn their coins. They believe that by joining forces they would be able to revive the coin.

Luna Falls Again

The Terra community reacted to the tweet and the coin plunged by 15%, and now it is trading at $0.000188. Luna’s price has been trying to recover since its great fall. With the various attempts made by the owners and users, it is still struggling. 

Despite its increased rate of supply, the coin has not been able to meet its peg. This is due to its low level of demand.

With the recent happenings, Terra USD has seen an increase of 30% in just under 24 hours, with its current value at $0.07616. 

Terraform Labs Moves To Fork Terra Chain

A previous proposal to fork the chain in order to revive the Luna community was presented, but controversies arose when the proposal was adjusted while the votes were going on. 

Another proposal to get rid of about $1.4 billion worth of UST from the community was not successful, but another proposal was later suggested.

Currently, the Terra Labs team is moving forward to Fork the chain as 66% of voters agreed in opposition to the other plan. A lot of users believe that many just want the fork, they are not really interested in what the community has to say. 

Leave a Reply

Your email address will not be published.